Deutsche Bank plans share sale and part disposal of asset unit

Mar 06, 2017, 00:23

Deutsche Bank AG said Sunday it will seek to raise EUR8 billion ($8.5 billion) through a share sale, a move to shore up the German lender's capital less than two years into a major restructuring under Chief Executive John Cryan. Deutsche Bank has posted more than €8 billion of net losses in the past two years as Mr Cryan, who took over in 2015, settled misconduct investigations and scaled back capital-intensive debt-trading businesses.

The bank said it would keep its Postbank consumer division and still aimed to reduce total costs to €22 billion by 2018, the Frankfurt-based company said in a statement on Sunday. The plan is part of a bid to stabilize that business after it has suffered a long spate of asset declines. In December, Deutsche Bank said it would pay $7.2 billion to the US Department of Justice, related to its issuance and underwriting of residential mortgage-backed securities (RMBS) and other activities between 2005 and 2007.

Shares (Berlin: DI6.BE - news) in the bank plunged at several points throughout the year, including when news of the DoJ's demand became public in September and when several hedge funds later withdrew investments.

The bank said the share sale would boost its common equity Tier 1 ratio to 14.1 percent and set a new target of "comfortably above" 13 percent.

With (Other OTC: WWTH - news) conscientious savers and high-performing small and midsize companies, Europe's largest economy offers a reliable income if not the sky-high profits of financial market adventures.

Deutsche Bank fell 1.3 percent to close at 19.14 euros in Frankfurt on Friday, and shares traded in the USA continued to drop.

The bank will partially float its asset management business and retain Postbank - the retail banking business it had been expected to sell.

Attractive buyers proved scarce in a crowded market where low interest rates have hurt retail-banking profits. The lender will propose a dividend in May of 0.19 euros per share and is recombining its investment banking and trading units.

De Lima's Liberal Party, which ruled for six years under Aquino, voiced deep anger on Thursday at her imminent arrest. Shortly after his testimony, de Lima was removed from her position as chairwoman of the Senate panel.

Fox News's "The O'Reilly Factor" this week featured a guest with inaccurate credentials, The Washington Post reported Saturday. The network said O'Reilly was expected to address the subject further on Monday's show.

According to reporters on the ground, little Russian flags with the word "TRUMP" on them were handed out. But as you saw throughout the entire campaign, and even now, the fake news doesn't tell the truth.

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The source also remarks Netflix handling the film instead of Paramount ensures Scorsese "can make the project he wants". Now, however, seven years after the film was announced, The Irishman has found a worldwide buyer in Netflix .

During the last trade, stock's minimum price has been reached out at $176.51 while the maximum trading price moved at $178.25. EPS growth in next year is estimated to reach 10.96% while EPS growth estimate for this year is set at -0.70%.

Already, the company has lost some of its top executives in India. "All businesses need to be profitable to be sustainable". As per sources close to development, the layoffs are a precursor to the company's eventual exit from India.

Compensatory draft picks can be confusing to some, so here's a quick explanation of how they are awarded. Today the league announced which teams will be receiving compensatory picks for the upcoming NFL draft.

The suspect then opened fire at the trooper and deputies before he was fatally shot, the Florida Highway Patrol said . A man died in a shootout with deputies from the Citrus County Sheriff's Office and Florida State Troopers on Sunday.

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Wapner leaves behind two other children and a wife, Mickey, whom he married in 1946 at the age of 27. Wapner died at home in his sleep Sunday, Feb. 26, 2017, according to his son, David Wapner.

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